In the second quarter of 2024, major hotel companies saw their revenues up, buoyed by heightened group travel. Their pipelines also grew to new highs in the quarter, with hotel conversions and extended stay remaining popular among developers.
Hilton, Hyatt Hotels Corp. and Marriott International all reported strong group demand in the quarter, with Marriott CEO Anthony Capuano saying that group remained the company’s “strongest customer segment” in Q2.
Hilton CEO Chris Nassetta, meanwhile, attributed the company’s 3.5% year-over-year RevPAR increase in the quarter to “growth in all segments, with particularly strong group performance.”
In Las Vegas, which led other U.S. markets for meetings and events volume growth in May, top operators MGM Resorts International, Caesars Entertainment and Wynn Resorts attributed their Q2 results partly to heightened group demand. And Wynn Las Vegas President Brian Gullbrants said 2024 is on track to be Wynn’s “best year ever” for group and convention performance.
On the development front, Hilton, Hyatt, Marriott, IHG Hotels & Resorts, Wyndham Hotels & Resorts and Choice Hotels International all expanded their pipelines in Q2. Hilton and Choice, specifically, posted record pipelines in the quarter.
Both Choice and Hilton — along with IHG and Marriott — reported strength in hotel conversions in Q2, with Choice CEO Patrick Pacious saying “robust demand,” particularly in conversions and extended stay, propelled the company’s pipeline growth in the quarter.
Wyndham also noted strong extended stay activity in Q2. The company added 11 upscale extended stay hotels to its system through a strategic partnership with WaterWalk.
And it wasn’t the only company to benefit from hotel brand partnerships and acquisitions in the quarter. Hilton added rooms from its Q1 acquisition of college-focused brand Graduate Hotels, and Hyatt similarly added rooms from its 2023 purchase of the luxury Mr & Mrs Smith platform.
Below is a roundup of Hotel Dive’s coverage of top hotel companies’ second-quarter 2024 earnings results, with insights into what hospitality trends drove gains in Q2 and will continue to impact the industry in the second half of the year.
